Egypt: Talaat Moustafa Group declares $12.94mln dividends for 2022

Reuters Images/Mohamed Abd El Ghany

The board members suggested a divided distribution of EGP 0.19 to be paid over two tranches on 31 May and 31 July 2023, respectively

Staff Writer, Mubasher

March 23, 2023

PHOTO

Cairo – The shareholders of Talaat Moustafa Group Holding (TMG Holding) approved the board’s recommendation to disburse EGP 400 million as cash dividends for 2022.

The board members suggested a divided distribution of EGP 0.19 to be paid over two tranches on 31 May and 31 July 2023, respectively, according to a bourse filing.

It is worth noting that the shareholders greenlighted the dividends proposal during the ordinary general meeting (OGM) that was held on 20 March 2023.

Last year, the EGX-listed company generated EGP 2.23 billion in consolidated net profit after tax, a 25% growth from EGP 1.78 billion in 2021.

Meanwhile, the sales of the real estate developer hit EGP 33.20 billion as of 31 December 2022.

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